2025-06-05-Jefferies-杰富瑞医疗保健会议第二天_CMPX和PYXS_7页_121kb

报告摘要

COMPANION-002 Phase II/III trial for biliary tract cancer: Key PFS/OS data expected in 4Q2025. Event threshold not moved earlier; trial has ~15 months median follow-up, with no projected 80% mortality hit until 19 months.
BLA filing planned for 2H2026, with potential approval in 2026 if priority review; could enable launch in 2H2026 if HR < 0.6 for PFS/OS, which would be statistically and clinically meaningful.
1H2026 filing expected; response assessment methodology differs from prior Phase II study, impacting ORR (investigator-assessed vs. BICR).
Pipeline: Tovecimig basket study in DLL4+ pts starting 2H2025; CTX-10762 PD-1xVEGF compound with IND in 4Q2025, expected data from PD-L1 blocker; CTX-471 NCAM+ study with immunoenvironment analysis also starting 2H2025.
CMPX has a $8 price target with DCF and prob-adjusted EPS analysis; risks include efficacy, toxicity, and competition.

Differentiated ADC approach targeting stroma in HNSCC, with trials starting in 2H2025. Key data catalysts: 1L+ and 2L+ Micvo + pembro combo data, and Micvo monotx data for pts with prior PD-1 experience.
Efficacy: Micvo monotx ORR up to 50%, with 42% PD in control arm at 1HBC. Anecdotal durability shown, including long-term responses; safety profile good.
Market opportunity in HNSCC across therapy lines; potential need for resistance strategies in EGFRi-inhibitor failure pts. Current cash runway $107M extending to 2H2026.
PYXS has a $6 price target with DCF and prob-adjusted EPS analysis; risks include efficacy, safety, regulatory hurdles, and commercial challenges.

CMPX: Equity Research rating BUY, $8 price target with risks including efficacy, toxicity, and competition.
PYXS: Equity Research rating BUY, $6 price target with risks including efficacy, safety, regulatory, and commercial risks.

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